A little less than two years ago, PREIT closed on the purchase of the Kmart building, which meant it controlled the vast majority of the real estate containing the Gallery Mall. At the time, we wondered whether that transaction might finally lead to a renovation at the mall to make it more pedestrian friendly to passersby on Market Street. Earlier this year, when news of Kmart's closing came down the pike, we learned that PREIT would likely be chopping up the former retailer's home and using the space for multiple stores. Again, we wondered whether that fabled renovation would begin soon. Alas, there's nothing doing yet.
Today, a story from the Inquirer gives us the sense that a mall renovation might at last be imminent. Shopping-center-owning company Macerich is partnering with PREIT, and has pledged almost $107M toward a renovation of the mall. The stated goal of this renovation is to create an "accessible luxury retailing" experience at the Gallery, which would theoretically represent a change from what's there today (we don't really know what the term means). The most concrete change we know about so far is the planned Century 21 store that will be housed in the former Strawbridge's. We've never visited this discount retailer, but apparently their concept fits into the "accessible luxury" category.
With concrete cash committed to this project from a non-local partner, we believe that a Gallery renovation is now closer than ever. We're hopeful that the most important aspects of this process will be opening the mall up to the street and filling vacant storefronts rather than a wholesale overhaul of the existing businesses. In a perfect world, a reimagined Gallery will include different stores for different budgets, and can be a place where everyone can feel comfortable shopping. Of course, all bets are off for the area if Market8 is chosen as Philadelphia's second casino. If that happens, we honestly have no idea what's gonna happen with the Gallery or anything else near Market East.